#114th 2400 INVESTOR PRESENTATION MAY 2023 Capitol View on 14th | Washington, D.C. STREETS UDR Opening doors to the future® GRESB 2022#210 Hanover Square| New York, NY TABLE OF CONTENTS 3 Recent Updates LO UDR at a Glance 7 UDR Value Proposition 8 Innovation and Competitive Advantages 10 Accretive Capital Allocation and Value Creation 12 Market and Resident Attributes 14 Strong, Liquid, Flexible Balance Sheet 15 ESG and Sustainability Leadership 17 The Case for Apartment REITS 2#3RECENT UPDATES Apartment fundamentals remain healthy and UDR's relative competitive advantages in operations, capital allocation, and innovation set us up well for continued strong same-store and earnings growth. Market rent growth has continued to accelerate sequentially every month through May, supporting mid-3% blended lease rate growth 2Q to-date (1). Leading Results and Outlook (2) FY23 Guidance: 2nd highest FY FFOA/sh, SSREV, and SSNOI growth; 2nd lowest FY SSEXP growth 1Q23 Results: SSREV, SSEXP, SSNOI growth better than peer avg. Long-Term: Above peer avg. FFOA/sh growth in 8 of last 11 years Sector-Best Innovation: 50bps avg. annual incremental SSNOI growth from initiatives Operations: ~300bps controllable operating margin advantage vs. peer avg. Liquidity Profile: 5% of debt (vs. 24% peer avg.) maturing over next 3 years (3) Components of 2023 SSREV Growth (4) SSREV growth has consistently 8% outperformed blended lease rate growth due to implementation of 6% other income initiatives 4% ~2% average blended rate growth needed from May-Dec to achieve 2.5% midpoint 2% High: 7.75% Mid: 6.75% Low: 5.75% 0% Earn-In (Embedded Growth) Blended Lease Rate Growth Innovation and Other Income 2023 SSREV Growth Metrics as of March 31, 2023; 2023 expectations based on guidance ranges for UDR and peers. Peer group includes AIRC, AVB, CPT, EQR, ESS, and MAA. Data as of March 31, 2023. Amount for UDR excludes commercial paper balance, working capital facility balance, and principal amortization. (1) As of May 11, 2023. (2) (3) (4) Additional SSREV growth variables include occupancy and bad debt which, collectively, are negligible contributors to our guidance expectations. Source: Company and peer documents. FY 2023 SSEXP Growth Considerations Guidance: 4.0% to 5.5% ~ Y/Y growth expected to be highest in 2Q; lower in 2H due to: (1) Implementation of initiatives, including: Increase number of unstaffed communities Enhance mobile maintenance technology Improve unit turnover analytics Targeted capital expenditure projects One-click move-in process (2) Lower eviction-related expenses (3) Easier prior year compares 3#4STRONG DEMAND & SOLID RESIDENT FISCAL HEALTH(1) Demand indicators continue to show strength as consumer financial health remains resilient and relative affordability continues to favor multifamily renting. Further, concession usage is minimal and we see no evidence of doubling-up. Steady Rent-to-Income Ratio ("R/I") Growing UDR household income supports strong rent growth while keeping median resident R/I ratio in the low/mid-20% range Long-Term Avg. R/I Ratio (Ihs) TTM Avg. Income, $000s (rhs) R/I Ratio (Ihs) 30% Improving Bad Debt Trends Collections trend and prevalence of long-term delinquent residents continue to improve Collections % in Month of Billing (Ihs) Long-Term Delinquent Residents (rhs) 800 25% 20% 15% Mar-17 -20% -30% -40% -50% -60% -70% Mar-03 24% increase in average UDR household income vs. pre-COVID прим $165 96.5% $155 95.5% 600 $145 94.5% 400 $135 $125 93.5% 200 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Relative Affordability ~55% less expensive to rent than own across UDR markets Mar-07 Coastal Outperformance Market rent growth and loss-to-lease (2) support continued East Coast leadership ■YTD Market Rent Growth ■Loss-to-Lease 4% 3% 2% Only 5% of 1Q 2023 moveouts were to buy a single-family home, ~60% lower than average. 1% 0% -1% Mar-11 Mar-15 Mar-19 Mar-23 Total East Coast West Coast Sunbelt 4 (1) Metrics as of March 31, 2023, unless otherwise noted.. (2) Market rent growth and loss-to-lease statistics are as of May 11, 2023. Source: Company documents.#5UDR AT A GLANCE(1)(2) UDR is a full-cycle investment that consistently generates strong total shareholder return ("TSR") through innovation, best-in- class operations, and disciplined capital allocation. 50 Year History S&P 500 Multifamily REIT ~59,000 Apartment Homes 21 Markets $20.6B EV 4.1% Dividend Yield Full-Cycle Continuous Investment Innovation 10-Year 15-Year 20-Year Outsized Same-Store NOI Growth (3) Robust Relative TSR 3.9% 4.4% 10-Year 6.0% 3.6% 4.1% 15-Year 3.8% 4.2% 20-Year 1.0% 2.0% 3.0% 4.0% 5.0% 2.0% 4.0% Peer Median CAGR OUDR CAGR 9.1% 6.3% 8.2% 9.2% 9.8% 6.0% 8.0% 10.0% ONAREIT Equity Index CAGR UDR CAGR Sustainable Dividends That Grow Over Time $2.00 202 Consecutive Dividends Paid $1.60 6.7% CAGR since 2010 $1.20 $0.72 $0.80 $0.40 $1.68 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (1) As of March 31, 2023, except otherwise noted. (2) (3) Enterprise Value and Dividend Yield as of May 12, 2023. Dividend Yield is based on UDR's 2023 annualized dividend of $1.68 per share. Peer group includes AIRC (AIV prior to 2021), AVB, CPT, EQR, ESS and MAA; 2Q 2020 through 1Q 2023 UDR same-store NOI results have been adjusted where appropriate to reflect concessions on a straightline basis for peer comparability. Source: Company and peer documents, Nareit. 5#6DIVERSIFIED PORTFOLIO COMPOSITION UDR is diversified across markets and price points to generate robust growth with less risk. Market Mix Northeast/Mid-Atlantic: Price Point (1) and Location Within Market ■ A-Quality B-Quality West Coast: 36% of NOI 80% ■ UDR Peer Average 60% 40% 39% of NOI O Sunbelt: 25% of NOI 20% Portfolio-Wide Rental Rate Differential(2,3) % of SS Revenue in Five Largest Markets (2) Less Concentration ■ Coastal A Coastal B 44% 48% 52% 56% ■ Sunbelt A ■ Sunbelt B 67% 33% ■ Urban ■ Suburban 68% 32% ■ Coastal Urban ■Sunbelt Urban ■ Coastal Suburb ■ Sunbelt Suburb Risk 61% More Stability 9% 91% 39% (1) Price point and location charts are based on NOI. A-Quality is defined as having average community rent >120% of the market average rent. B-Quality is defined as having average community rent greater than or equal to 80% but less than 120% of the market average rent. (2) Data as of March 31, 2023. Comparative top-5 markets for peer REITs are defined similarly to UDR's market definitions. (3) Rental rate differential equals the percentage difference between 1st and 3rd quartile rent levels across each REIT's portfolio. Source: Company and peer documents, Nareit. 6#7UDR VALUE PROPOSITION Durable and Repeatable Competitive Advantages Innovation Operations Self-service and improved resident experience Expand margins and lessen expense growth $60M incremental NOI captured or identified Differentiated Market Selection Predictive analytics and qualitative analyses to help identify investment/ divestment markets Beneficial to our 2019- 2021 acquisition yield expansion to-date 2 Repeatable Investment Upside Durable competitive advantages boost yields History of acquisitions achieving 10-15% NOI growth in excess of market over first 3 years of ownership Better Results Than Peers Average Annual Outperformance vs. Peer Median (1) (bps), Last 10 Years 00 90 Above peer-average FFOA/sh(3) growth in 8 of last 11 years 100 90 80 70 60 50 50 40 3220 10 60 40 40 80% 70% Long-Term TSR Outperformance Frequency that UDR's Rolling 3-year Annualized TSR(2) Outperforms Index Last 5 Years Last 10 Years 60% 58% 50% 40% 75% 67% 64% SS NOI Growth FFOA/sh Div/sh NAV/sh (1) (2) Actual results from 2013 through 2022; 2023 reflects full-year guidance for UDR and peers. 2013 coincides with UDR's initial publicly disseminated 3-year strategic plan. Data through March 31, 2023. (3) UDR vs. NAREIT UDR vs. NAREIT UDR vs. NAREIT UDR vs. NAREIT Apt. Index Equity Index Apt. Index Equity Index Funds from Operations as Adjusted ("FFOA") is defined as Funds From Operations ("FFO") excluding the impact of non-comparable items including, but not limited to, acquisition-related costs, prepayment costs / benefits associated with early debt retirement, gains and losses 7 on sales of real estate, and other costs. A comprehensive definition of FFOA and a reconciliation from net income attributable to common stockholders to FFOA is provided in the "Definitions and Reconciliations" section of UDR's quarterly Supplemental Financial Information. Source: Company documents.#8INNOVATION ACCOMPLISHMENTS UDR's history of innovation has delivered better SS NOI growth and controllable operating margin versus peers. Long-Term Same-Store Outperformance UDR vs. Peer Median (1) SS NOI Growth (2013-1023) Controllable Operating Margin ("COM") Expansion Controllable Operating Margin vs. Avg. Monthly Rent(2) (TTM through 1Q 2023) Peer Median 4.5% 50bps average annual additional NOI growth from UDR initiatives. 4.0% 3.5% 3.0% 2.5% 2.0% 3.9% UDR 4.4% 3.9% TTM Controllable Operating Margin 84% 83% 82% 81% 80% 79% ~300bps COM advantage Equates to $42M in higher annualized NOI. 78% $1,600 $1,800 $2,000 $2,200 $2,400 Peer Avg. $2,600 $2,800 $3,000 Average Monthly Rent Per Apartment Home ~300bps controllable operating margin advantage vs. peer average Fully-loaded margin (3) is ~200bps higher than the peer average Higher fully-loaded margins in 11 of 15 primary UDR markets (1) Peer group includes AIRC (AIV prior to 2021), AVB, CPT, EQR, ESS, and MAA; 2Q 2020 through 1Q 2023 UDR same-store NOI results have been adjusted where appropriate to reflect concessions on a straightline basis for peer comparability. (2) Based on disclosures across the peer group, Average Monthly Rent is defined as average monthly rental rates for AVB, CPT, EQR, ESS, and MAA and is defined as average monthly revenue per occupied home for AIRC and UDR. (3) Fully-loaded margin includes G&A, property management, and Capex Source: Company and peer documents. 8#9INNOVATION = REPEATABLE, CONSISTENT VALUE CREATION UDR's ongoing innovation drives outsized same-store NOI growth in our legacy portfolio and yield expansion when we externally grow. This has contributed to UDR generating better than peer average FFOA per share growth in 8 of the past 11 years. Our innovation is enduring, scalable, and a hard-to-replicate competitive advantage versus peers. Legacy Portfolio + Given a Cost of Capital to Grow >$20M NOI realized since 2018 = $420M value creation (1) >$40M NOI targeted over next 24-36 months Customer Self-Service Site-Level Efficiencies Advanced Data Science Reduce Controllable Expenses Reduce Vacant Days Pricing Engine Optimization Larger Share of Resident Wallet 50bps of yield expansion from innovation on $2.6B of third-party acquisitions from 2019-2021(2) = $275M value creation (1) 140bps of Total Yield Expansion To-Date (3)(4) Wtd. Avg. Initial Yield 4.35% UDR Portfolio Gross Potential Rent Growth Innovation Renovation Capex Current Yield 0.90% 0.25% 5.75% 0.50% 0.25% 4.0% 4.5% 5.0% 5.5% 6.0% (1) Calculated based on an applied cap rate of 4.75%. (2) Amounts include communities with at least 12 months of operating results under UDR ownership, exclude acquisitions from Joint Ventures (including UDR's DCP portfolio and the UDR/MetLife JV), and include secured debt assumed at the time of acquisition, where applicable. (3) Rent Growth is based on gross potential rents for UDR's portfolio as of March 2023. (4) Core Operations and Innovation includes revenue maximization strategies, parking optimization, view premiums, short-term furnished rentals, personnel optimization, SmartHome installations, and self-service integration. Renovation (accretive) and Cap Ex investment (dilutive from higher cost basis) include interior renovations (kitchen and bath) and common area upgrades. Source: Company documents. 9#10ACCRETIVE CAPITAL ALLOCATION UDR has a track record of being a proficient steward of capital and can utilize various external growth value creation drivers. UDR's Capital Allocation Throughout the Apartment Cycle ($M) JUDR Prem./(Disc.) to NAV (lhs) Net Acquisitions (rhs) 40% $2,000 30% Issue equity at a premium to NAV and grow when appropriate $1,500 20% $1,000 10% $500 0% $0 (10)% ($500) (20)% ($1,000) (30)% Sell assets to fund growth and execute share repurchases when equity trades at a discount to NAV ($1,500) (40)% ($2,000) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 UDR'S CAPITAL SOURCES UDR'S CAPITAL USES Cost Risk-Adjusted Return Not Attractive Attractive Low High Source: Company documents. No Source in Size Yes Common Equity Asset Dispositions Unsecured Debt Secured Debt JV Capital LOC Commercial Paper O Preferred Equity Investment Opportunity Small Large Acquisitions Development DCP Redevelopment NOI Enhancing Cap Ex Stock Buybacks Operating Platform 10#11ACCRETIVE CAPITAL ALLOCATION Our wide variety of value creation drivers provides UDR the latitude to pivot toward investment opportunities that generate the highest risk-adjusted IRRs and the greatest earnings/NAV accretion. These include: ACQUISITIONS DEVELOPMENT REDEVELOPMENT • • Arbors at Maitland Summit | Orlando, FL Target 10%-15% NOI growth above market in first 3 years of ownership Acquired $2.6B third-party communities and ~$4.0B overall (1) since 2019 with a focus Platform-friendly assets DEVELOPER CAPITAL PROGRAM . Cirrus | Denver, CO $188M active construction pipeline, 41% funded ~6.25% weighted average projected stabilized yield on $370M of communities currently in lease-up, which should benefit 2024 FFOA per share growth NOI-ENHANCING INVESTMENT 10 Hanover Square Lobby | New York, NY Target mid-teens IRRS Identified >$100M of potential new projects in coming years Current unit addition project: 30 units, $18M Current unit redevelopments: ~1,600 units, $70M PLATFORM & INNOVATION ACCOUNT SNAPSHOT Check your account balance and submit monthly payments Menu Farm Cem Make a One-Time Payment Essex Luxe | Orlando, FL Tierra Del Rey Bathroom Remodel | L.A., CA • Low/mid-double-digit IRRS on capital provided to • $75-$85M average annual spend Virtual Tours | SmartHome Technology Package ~$35M investment in Platform enhancements third-party developers . • Embedded optionality (have acquired -50% of completed deals). Low-teens IRRs for amenity, kitchen & bath, and other upgrades. • >$100M PropTech & ESG fund commitments • Future projects include building-wide Wi-Fi and electric vehicle charging stations (1) $4.0B includes acquisitions from Joint Ventures (including UDR's DCP portfolio and the UDR/MetLife JV, at share) and secured debt assumed at the time of acquisition, where applicable. Source: Company documents. 11#12household income Increase of average incomes vs. pre-COVID(2) DIVERSIFIED AND HIGH-QUALITY RESIDENT BASE(1) Household income, wage growth, and resident credit quality support current and future demand. $161K Average annual ↑ 24% 174% Above median MSA income Low/Mid-20% Average rent-to- income ratio UDR Same-Store Portfolio Avg. Resident Age 35 Seattle Avg. Household Income ($000s): $161 Avg. Household Income ($000s): $172 vs. MSA Median Income: 174% Boston Avg. Household Income ($000s): $206 vs. MSA Median Income: 157% % High-Income MSA Jobs: <-> vs. MSA Median Income: 194% % High-Income MSA Jobs: ↑ % High-Income MSA Jobs: San Francisco Bay Area Avg. Household Income ($000s): $226 vs. MSA Median Income: 159% % High-Income MSA Jobs: Orange County Avg. Household Income ($000s): $187 vs. MSA Median Income: 176% % High-Income MSA Jobs: Primary Coastal Markets Other Coastal Markets Sunbelt Markets Sunbelt Markets Avg. Household Income ($000s): vs. MSA Median Income: $128 168% % High-Income MSA Jobs: New York City Avg. Household Income ($000s): $363 vs. MSA Median Income: 455% % High-Income MSA Jobs: --> Metro Washington, D.C. Avg. Household Income ($000s): $129 vs. MSA Median Income: 111% % High-Income MSA Jobs: >35% of Jobs are High-Income >30% and <35% of Jobs are High-Income <30% of Jobs are High-Income (1) Data as of March 31, 2023. Resident Age, Household Income, and Household income versus MSA Median Income are based on UDR portfolio attributes. Analysis of job quality stratification (High-Income, Medium-Income, and Low-Income) reflects employment trends at the market level (or aggregated market level in the case of Sunbelt Markets) and are not necessarily reflective of UDR's resident profile. The intent of this analysis is to demonstrate the quality of potential residents based on the total addressable market. Jobs are classified by industries as defined by the Bureau of Labor Statistics category: segmentation is done across Mining/Logging/Construction, Manufacturing, Trade/Transportation/Utilities, Information Services, Financial Services, Professional and Business Services, Education and Health Services, Leisure and Hospitality, Federal/State/Local Government, and Other Services. Pre-COVID defined as period ending February 2020. (2) Source: Company documents and Bureau of Labor Statistics. 12#1310% Percent of Move Outs to Buy or Rent a Single-Family Home 0% 5% RESIDENT ATTRIBUTES AND TRENDS Resident Age Distribution (1) Balanced resident composition minimizes risk of exposure to specific age cohorts. Resident Turnover since 2018 30% 25% 23% Average Resident Age: Median Resident Age: 35 27% 31 24% 22% 20% 18% 17% 18% 18% 17% 16% 15% 10% 5% 0% Under 25 25-29 30-34 35-44 Pre-COVID: Feb 2020 Current 45+ Robust demand and our focus on resident satisfaction has helped drive a 300 basis point decrease in trailing-twelve-month ("TTM") turnover versus pre-COVID levels. Resident move outs to buy (5%) or rent (1%) a single-family home during 1Q 2023 totaled 6%, or approximately 50% below historic norms. 15% 50% 2Q 2018 3Q 2018 4Q 2018 1Q 2019 (1) Distribution Move Outs to Buy Home is based on residents who are signees on a lease. Source: Company documents. 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Move Outs to Rent Home 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 TTM Resident Turnover Rate 4Q 2022 1Q 2023 13 41% 47% TTM Resident Turnover 44%#14STRONG, LIQUID, FLEXIBLE BALANCE SHEET Sector-leading weighted average interest rate and robust liquidity (~$1 billion) plus strong, and improving, leverage metrics support growth opportunities and reduce risk. Investment Grade BBB+ S&P Unsecured Rating Baa1 Moody's Unsecured Rating 3.25% Sector-best weighted average interest rate Strong Leverage Metrics 28.6% Consolidated debt-to-enterprise value(1) 5.7x Consolidated net debt-to-EBITDAre as of 1Q 2023 5.2x Consolidated fixed charge coverage ratio as of 1Q 2023 Well Laddered Maturity Schedule 6.3 years Average debt duration (2) 19.0% Sector-low percentage of debt maturing over next 4 years (2) 88.8% of NOI unencumbered Forward Debt Maturity Schedule ($M/Weighted Average Interest Rate) $406 5.1% $126 $175 $353 $653 $462 $492 $762 $761 4.2% 3.7% 3.0% 3.7% 3.7% 3.9% 3.3% 2.9% $427 2.2% $950 2.4% $1,000 $800 Only 5% of consolidated debt outstanding matures through 2025, excluding Commercial Paper, (2) Working Capital Facility, and principal amortization. $600 $400 $200 $0 2023 2024 2025 2026 Unsecured Debt 2027 2028 2029 2030 2031 2032 Thereafter Secured Debt Line of Credit/Working Capital (1) (2) Consolidated debt-to-Enterprise Value is calculated using the Company's Enterprise Value as of March 31, 2023. 2023 maturities reflect $405.0 million of principal outstanding at an interest rate of 5.1%, an equivalent of SOFR plus a spread of 38 basis points, on the Company's unsecured commercial paper program as of March 31, 2023. Under the terms of the program the Company 14 may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 6.5 years without extensions and 6.6 years with extensions. Source: Company and peer documents.#15ESG AND SUSTAINABILITY LEADERSHIP UDR is a recognized global ESG leader and is committed to further enhancing our ESG profile. (1) GRESB Score of 87 Public Disclosure LEED Certifications Earned a 5 Star Designation, the highest rating possible Earned GRESB Public Disclosure score of "A" for 4 consecutive years; remain #1 among peer group GRESB ✰✰✰✰✰2022 GRESB Developed, redeveloped, or acquired 25 communities since 2010 that have obtained sustainability certification IN ENERGY ENVIRONME LEED SDG Alignment Aligned with 10 United Nations Sustainable Development Goals SUSTAINABLE DEVELOPMENT GOALS DEI Commitment Inaugural donor to the Nareit Foundation's Dividends Through Diversity, Equity & Inclusion campaign Responsibility Named one of America's Most Responsible Companies by Newsweek in consecutive years. Green Bonds Two Green Bond issuances totaling $650 million of proceeds since 2019 Climate Tech Funds Committed to invest $20M into strategic ESG and Climate Technology Funds NareitⓇ AMERICA'S MOST 2022 6 2023 RESPONSIBLE Newsweek COMPANIES statista (1) For additional details on UDR's targets, please refer to the Company's ESG website and its 4th annual ESG Report. Source: Company documents. 15#1660 APPENDIX GREEN U.S. BUILDING COUNCIL LEED GOLD USGBC TM Leonard Pointe | New York, NY#17THE CASE FOR APARTMENT REITS Apartment REIT TSR has outperformed other REITs and the broader market by a wide margin since 2000 due to: 1 of U.S. housing Ongoing shortage 2 Increased propensity to rent 3 Housing's status as a necessary, non- discretionary expense 4 Better long-term NOI growth lower capex than most REIT sectors TOTAL SHAREHOLDER RETURN (INDEXED AT 100 IN JANUARY 2000)(1) NAREIT Equity Apartments Index NAREIT Equity Index S&P 500 Apartment REITs have outperformed over time 1,600 10.7% Nareit Equity Apartments Index CAGR 1,400 10.0% Nareit Equity Index CAGR 7.4% S&P 500 CAGR 1,200 1,000 800 600 400 200 15% 10% 1073 919 5% 0% 524 (5)% (10)% ROLLING 3-YEAR ANNUALIZED TSR(1) Apt. REIT Outperformance vs. Equity REITS 62% of the time, the Nareit Equity Apartments Index has outperformed the Nareit Equity Index on a rolling 3-Year TSR basis. 4% Average Outperformance 3% Average Underperformance (15)% 2000 2002 2005 2008 2011 2014 2017 2019 2022 2000 2002 2005 2008 2011 2014 2017 2019 2022 (1) Data through April 30, 2023. Source: Nareit and Factset. 17#18APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Long-term demographics remain strong for apartments. Since 2010, approximately 28% fewer total housing units have been produced versus total households formed over the same period. 25 U.S. POPULATION BY AGE COHORT (MILLIONS) ■Domestically Born ■Foreign Born 20 20 15 10 5 Future renter cohort Primary renter cohort 0 PROPENSITY TO RENT BY AGE COHORT -1023 TTM (It. axis) OIncrease Since Peak H.O. Rate (bps, rt. axis) 70% 60.9% 800 697 60% 652 635 600 50% 399 40% 37.7% 29.3% 400 200 200 20% 24.6% 20.9% 10% 0 Age: < 35 35-44 45-54 55-64 >65 30% Increasingly important renter cohort Age: 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 Sizeable current primary renter cohort Larger domestically born future renter cohort Potential upside from foreign-born growth Peak home-buying age ↑ to 34 from 29 in the 1970s. Source: U.S. Census Bureau. Data as of March 31, 2023. Average age of marriage ↑ to 32 from 22 in the 1970s. Significantly higher propensity to rent due to: . Overall housing shortage • High for-sale home prices Pent-up demand (household formation) A 48% of Millennials have zero down payment savings. 18#192002 -60% 2004 2006 2008 2010 2012 (1) UDR Average Monthly Cost to Rent is as of 1Q 2023 and is defined as Total Revenue Per Occupied Home on a Same-Store basis. Blended cost to own a home is calculated using data from Moody's, National Association of Realtors, and property prices (both single-family and condos) from Zillow for the markets in which UDR operates and is based on UDR's NOI by market. Monthly mortgage costs assumes a 20% down payment and a 30-year fixed rate mortgage based on historical quarterly rates from Federal Reserve Economic Data. Monthly cost to own also includes taxes and insurance expense assumed at 1/12 of 2% of the historical median home price. Source: U.S. Census Bureau, Federal Reserve Economic Data, REIS, Zillow, Moody's National Association of Realtors, Company documents. 19 -50% -40% -30% -20% (800) (1,800) 2001 200 1,200 2,200 2014 2016 2018 2020 2022 UDR Monthly Cost To Rent vs. Total Cost To Own (1) % Less Expensive to Rent vs. Own (TTM) • • Rent-versus-own analysis (1) shows it is ~55% less expensive to rent than own across UDR markets. This equates to a 20%-25% improvement in relative affordability compared to pre-COVID levels. 2004 2007 Owner Nation 2010 Renter Nation 2013 Single Family Less Affordable 2016 2019 2022 • 20 Owner Nation Renter Nation I YOY Owner HH Formation YOY Renter HH Formation YOY Total Housing Completions Single Family Affordability (rt. axis) Single Family More Affordable APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Low absolute and relative affordability represent a barrier to single-family ownership, resulting in a larger potential multifamily renter pool. Third-party forecasts indicate ~5 million additional apartments will be needed by 2030 to satisfy housing demand, thereby mitigating the potential supply risk of increased residential completions. Household Growth by Type (000s) 40 60 60 80 88#20FORWARD LOOKING STATEMENTS Certain statements made in this presentation may constitute “forward-looking statements." Words such as "expects," "intends,” “believes," "anticipates," "plans," "likely," "will," "seeks," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, including as a result of COVID-19, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this presentation, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws. Definitions and reconciliations can be found in the attached appendix and on UDR's investor relations website at http://ir.udr.com/ under the News and Presentations heading. UDR Investor Relations Contact: Trent Trujillo [email protected] 720.283.6135 20